There are plenty of Quick Takes worth looking at this week:
Taylor Swift – event planning (and revenues) on a massive scale
The billionaire singer-songwriter is transforming events and local economies. She sold 96,000 tickets at each of the three nights she performed in Melbourne. This weekend, Singapore is also feeling the Swiftie buzz.
SE Asian buyers came out in force to AIME
Buyers from Southeast Asia accounted for the majority of the fully hosted Asia Pacific Incentives and Meetings Event (AIME) buyers from Asia. Held in Melbourne, three-day event hosted more than 600 buyers and an additional 3,500 visitors. It also featured 570 exhibitors.
Chinese visitors not returning to Japan
Japan attracted far fewer Chinese tourists than expected over Lunar New Year. “The number of Japan visas issued to mainland China-based travellers for the holiday was only 60% of the number issued over the same period in 2019.” That is a worrying trend for many Japanese exhibitions that rely on Chinese exhibitors and visitors.
Chinese corporate travel dynamics are changing
These are some of the trends in China’s massive corporate travel market. This is worth reviewing given the potential impact on business events:
· Sustainable travel gains traction
· Balancing work and leisure with bleisure
· Efficiency through data-driven management
· Prioritising employee safety with robust risk management
· The rise of virtual meetings in business communication
· Adapting corporate travel to economic challenges.
Malaysian business events boom on weak currency
This will make life even more challenging for Singapore where the cost of doing business has leapt since COVID. “Last week, the ringgit plummeted to an all-time low against both the US dollar and Singapore dollar, reaching 4.8 against the US dollar and 3.6 against the Singapore dollar on 20th February.”